Marketline Report for Wednesday, May 15th

This is Bob Larson with the Market Line Report for Wednesday, May 15th. Grains make a big rebound in Tuesday trading. From the floor of the CME in Chicago, here's Scott Shellady.

SHELLADY ... "Well, Turn-Around-Tuesday again. That's a nice to say after seeing what happened yesterday. The market was kind of slaughtered across the board, but look it, we've seen a nice move higher in corn. Let's get the biggest elephant in the room out of the way and that's planting delays. In the past, it seems to be the case, but the market wants to ignore a lot of times for two or three or maybe sometimes even four weeks that it's too wet out there until we finally get some empirical data that says, 'it's too wet out there,' and we got that last night. We got some planting progress numbers for around 30% for corn versus the five year average of 66%. That's not good. So, you saw an immediate rise in the prices last night and it's continued in that direction today so that should give more comfort to the bulls that have really taken it on the chin these last few days."

Chicago May Wheat prices closed yesterday up 8 at 428 ½

May Corn was up 13 at 359 ½

Portland prices for soft white wheat of Ordinary Protein for May ended the day unch ranging from 5-70 to 5-75 Hard Red Winter wheat with 11 ½ % protein, prices for May were up 11 ¾ ranging from 5-78 ¾ to 5-88 ¾ DNS wheat with 14 % protein, prices for May were up 5 ¼ ranging from 6-13 ¼ to 6-23 ¼

Live Cattle for Jun were dn $.25 at 109.77 ½ May Feeder cattle are up $.95 to 136.25 May Class III milk was dn .02 cents at 16.28

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